Chris Worby is a Trusted Regina based financial advisor and Wealth Management services provider. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In their latest Worby Wealth Management Trusted Regina Financial Tip, they share details about Registered Retirement Saving Plan (RRSPs).
Registered Retirement Saving Plans (RRSPs)
By Chris Worby - May 2023
A Registered
Retirement Savings Plan (RRSP) is an investment that is registered with the Canada Revenue Agency (CRA) which allows for the deferring of taxes owed on the money contributed and any investment income
earned until future years when the funds are withdrawn.
RRSP Contributions
The money you
contribute to an RRSP now allows you to reduce the income you pay tax on for
the previous taxation year. 2 months into the next calendar year is the usual
deadline to invest into RRSPs for the previous taxation year. That means January and February is the
perfect time to invest in an RRSP for the previous tax year.
“Wait, did you mean now as in now, or as in now…
eh I’ll get to it soon now?”
That old adage is
never more relevant –
" The best time to invest was 50 years ago… the
second best time to invest is right now! "
The 2022 limit is
$29,210 or 18% of your earned income reported on your 2021 tax return (whichever
is less), minus any employer-sponsored pension plan contribution, plus any
unused contribution room from previous years.
Check your most recent CRA Notice of Assessment (NOA) to determine
your limit.
Age Limits
No minimum contribution age exists, but you must
have earned income reported to CRA. At
Worby Wealth Management, we’ll never promote child labour; regardless, my
children seem to think spending time on Roblox counts as performing a household
chore.
The sooner you start contributing to your RRSP, the
better to take advantage of the power of compounding. Contributions can be
made until you turn 71, when they must be converted to an RRIF, or you must purchase an Annuity.
Investment Choices
Various
investments can be held in an RRSP, including cash, GICs, bonds, mutual funds,
ETFs and individual stocks. However,
before choosing your investment approach, it’s always best to consider Retirement, Tax,
and possibly even Estate issues.
Questions regarding RRSPs?
If you have
questions about account or investment options, contact Worby Wealth Management to get your
questions answered and start investing in an RRSP or other investment accounts
today.
Some of the services that Worby Wealth Management can help you with:
TRUSTED REGINA FINANCIAL ADVISOR Chris Worby from Worby Wealth Management helps you live your dream!
The
comments herein are a general discussion of certain issues intended
as general information only and should not be relied upon as tax or legal
advice. Please obtain independent professional advice in the context of your
particular circumstances. This Blog was
written, designed and produced by Chris Worby for the
benefit of Chris Worby, a Financial Advisor at Worby
Wealth Management, a registered trade name with Investia Financial Services
Inc., and does not necessarily reflect the opinion of Investia Financial
Services Inc. The information contained
in this article comes from sources we believe are reliable, but we cannot guarantee
its accuracy or reliability. The
opinions expressed are based on an analysis and interpretation dating from the publication date and are subject to change without notice. Furthermore, they do not constitute an offer
or solicitation to buy or sell securities.
Mutual Funds approved exempt market products and/or exchange-traded
funds are offered through Investia Financial Services Inc.
Chris Worby is a Trusted Regina based financial advisor and Wealth Management services provider. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In their latest Worby Wealth Management Trusted Regina Financial Tip, they share details about inflation.
Inflation
By Jeremiah Worby - April 2023
Inflation is when you inflate your tires with air. Inflation is also an economic term that
refers to the increase in the price of goods over time. The latter will be the
focus of this article. This increase in
prices can be caused by a variety of factors, including supply and demand as
well as changes in interest rates or government policy. Inflation can make it difficult for people to
plan their finances effectively because they have less purchasing power with
each paycheck.
Break it down for me
Inflation is measured using the consumer price index
(CPI). CPI is a measure of the changes
in the cost of living for consumers, including food, housing, transportation,
healthcare and entertainment. The CPI measures price changes for all urban consumers
by calculating average expenditures for each category.
Supply and Demand
The main factors that cause inflation are supply and
demand.
Supply
and demand are how much of a good or service is available, and how much people
want to buy at any given time. In
economics, there is only so much money in circulation (the supply). People will spend their money on goods and
services, which creates an increased demand for those goods and services – and
therefore an increased price for them.
Hard to Predict
Will Tom Brady be inducted into the Hall of
Fame? Some things are easy to
predict. Inflation is not one of them as
it has a big impact on the economy. When
inflation rises, it's usually because the quantity of money has increased
faster than the goods and services available for purchase. In other words, there is more money available
than there are goods and services in circulation. As a result, companies may raise their prices
in order to maintain profit margins or simply keep up with rising costs
associated with production.
However, if companies raise their prices too much
without enough corresponding demand for their goods and services – or not
enough supply of them – then inflation will decrease as people will buy less
from those companies or stop buying altogether for fear that prices will
continue to increase over time. The
result is often called “stagflation” (a combination of "stagnant"
economic growth coupled with inflation).
Inflation
can also cause decreases in employment or increases in commodity costs such as
food or fuel. This can lead consumers'
purchasing power down while putting pressure on businesses' profits by reducing
demand for products thus increasing unemployment across sectors. For example: If consumers spend less time
driving to go shopping due to rising gas prices, then fewer products will be sold
at grocery stores or department stores which would decrease profits.
Conclusion
Inflation is a
complex topic, and this article only scratches the surface (it will not scratch
that impossible to reach spot on your back).
It’s important to understand how inflation impacts your personal finances,
but it also affects businesses and governments as well. Inflation can be hard to predict and can have
a big impact on the economy. The two
main factors behind inflation are supply and demand. Inflation is generally caused by an economy
growing too quickly and demand for goods outstripping supply.
Questions regarding
inflation?
If you have
questions about inflation or what you can do to fight against it, then contact Worby Wealth Management to get your
questions answered and start investing today.
Some of the services that Worby Wealth Management can help you with:
TRUSTED REGINA FINANCIAL ADVISORs Chris & Jeremiah Worby from Worby Wealth Management help you live your dream!
The
comments contained herein are a general discussion of certain issues intended
as general information only and should not be relied upon as tax or legal
advice. Please obtain independent professional advice, in the context of your
particular circumstances. This Blog was
written, designed and produced by Jeremiah Worby and Chris Worby for the
benefit of Jeremiah Worby and Chris Worby who are Financial Advisors at Worby
Wealth Management, a registered trade name with Investia Financial Services
Inc., and does not necessarily reflect the opinion of Investia Financial
Services Inc. The information contained
in this article comes from sources we believe reliable, but we cannot guarantee
its accuracy or reliability. The
opinions expressed are based on an analysis and interpretation dating from the
date of publication and are subject to change without notice. Furthermore, they do not constitute an offer
or solicitation to buy or sell any securities.
Mutual Funds, approved exempt market products and/or exchange traded
funds are offered through Investia Financial Services Inc.
Chris Worby is a Trusted Regina based financial advisor and Wealth Management services provider. With over 20 years of experience, Worby Wealth Management has been committed to providing a high standard of financial service to individuals, families and business owners in Regina and area. Worby Wealth Management listens and provides a personalized financial plan. In their latest Worby Wealth Management Trusted Regina Financial Tip, they discuss bonds.
The Wealth Building Toolkit: Bonds
By Jeremiah Worby - March 2023
Bonds are a type of
investment that can be used for both short-term and long-term goals. They're
considered safer than stocks, but also have less potential for growth over
time. In this article, we'll explain what bonds are and how they work as part
of your investment portfolio.
What is a Bond?
OK, maybe not James Bond, but rather we’re going to talk about financial bonds.
Investopedia.com
defines a bond as a fixed-income instrument that represents a loan made by an
investor to a borrower (typically corporate or governmental).
Bonds tend to move
opposite from share prices, which means investors often turn to bonds when they
want to reduce their portfolio risk – unfortunately this wasn’t the case in
2022. Investing in bonds can be a good
thing for diversification as it offers an alternative investment class for
those who want a more conservative option in their portfolios.
If you’re looking for
a way to diversify your portfolio, bonds are an effective tool.
What is a Bond Yield?
The yield, also known
as the coupon rate, is the annual percentage of money provided to investors for
making the loan. In other words, it's
how much interest you'll get from your bond.
When a bond is originally purchased, there is an
interest rate on it - for our example, let's say 5%. But because bonds can be
bought and sold afterwards, sometimes the yield can vary because the price
varies. It is a bit like a rental property, if you purchased a house for
$300,000 and rent it for $15,000/yr, that's a 5% yield. But if the value of the
house goes up to $400,000 but you're still only getting a $15,000 rent, then
it's a 3.75% yield.
The yield on bonds is
generally in response to changes in the Bank of Canada’s target for the
overnight rate. The Bank of Canada has a
target for the overnight rate, which is the rate that banks charge each other
for overnight loans. This rate can be
increased or decreased by the bank and this change affects all other market
interest rates. When bond yields go up
and down, it usually means that interest rates are going up or down as well.
Conclusion
If you’re considering
buying bonds, you might want to look at what’s happening in the market before
making a purchase. This will allow you
time to do research and make a decision based on facts rather than emotions.
Remember that there is
no one right answer when it comes to investing so it’s important to do the
research and talk with experts before making any decision about what will work
best for you and your financial situation.
Questions regarding
bonds?
If you have
questions about bonds or other types of investments, then contact Worby Wealth Management to get your
questions answered and start investing today.
Some of the services that Worby Wealth Management can help you with:
TRUSTED REGINA FINANCIAL ADVISORs Chris & Jeremiah Worby from Worby Wealth Management help you live your dream!
The
comments contained herein are a general discussion of certain issues intended
as general information only and should not be relied upon as tax or legal
advice. Please obtain independent professional advice, in the context of your
particular circumstances. This Blog was
written, designed and produced by Jeremiah Worby and Chris Worby for the
benefit of Jeremiah Worby and Chris Worby who are Financial Advisors at Worby
Wealth Management, a registered trade name with Investia Financial Services
Inc., and does not necessarily reflect the opinion of Investia Financial
Services Inc. The information contained
in this article comes from sources we believe reliable, but we cannot guarantee
its accuracy or reliability. The
opinions expressed are based on an analysis and interpretation dating from the
date of publication and are subject to change without notice. Furthermore, they do not constitute an offer
or solicitation to buy or sell any securities.
Mutual Funds, approved exempt market products and/or exchange traded
funds are offered through Investia Financial Services Inc.
CONGRATULATIONS, WINMAR® REGINA - CELEBRATING 10 YEARS OF TRUSTWORTHY BUSINESS PRACTICES IN REGINA
TRUSTED REGINA RECOGNIZES OUR PARTNERS WHO HAVE BEEN TRUSTED FOR OVER 10 YEARS!
In this series of recognition articles, we continue to spotlight the businesses that have been Trusted Regina Partners for over ten years. Currently, we are recognizing Partners that joined the Trusted Regina community in 2012. We want to thank them for TRUSTING our team, and we are identifying each of them individually for providing ten years of OUTSTANDING service to the citizens of Regina and the surrounding area! This latest article celebrates and recognizes WINMAR® Regina, a Trusted Regina contractor specializing in abatement and disaster services.
'We're Coming Through For You'
Who do you turn to after a disaster? You talk to your insurance company but then what? You are asked to get quotes to rebuild your life. As part of Canada's most extensive restoration network, WINMAR® Regina has been in business since 2010; a family-owned business that carries the values of the Co-owners, Anna Tzortzis and Kyle Jacques: honesty, integrity and a high level of professionalism. When disaster strikes, customers are provided with a personal service with a fundamental understanding of their loss.
Anna got her start in the construction business when she was just a teenager at her mother and stepfather's WINMAR® location in Chatham, Ontario. She started as a labourer, and she was working and learning how to run the office when she graduated high school. Kyle began construction during his teen years as well. Continuing in the construction field after high school, he found himself working as a roofing contractor for WINMAR® Chatham. That is where this power couple met and the beginning of something special.
Anna and Kyle started dating in 2013 and married in 2017. Together they are raising their two children. This family enjoys camping outdoors, snowmobiling and playing on their five acres. But for how much fun they have away from job sites and the office, work is a serious business for this couple.
WINMAR® Regina works with insurance companies to restore all kinds of claim work. These specialists are trained to take on a damage claim caused by anything from earth, fire, wind or water as a minor repair or a fully finished restoration. From city to country, firm to farm, they will do it all — residential, business or commercial.
But what if the problem wasn't from a disaster? Kyle and his crew also cover a wide range of specialties, from asbestos abatement and mould removal. They are qualified in water damage restoration, structural drying, microbial remediation, fire and smoke restoration and odour control. Winmar has the qualified staff for customized repair, or renovations, leaving you to decompress — not stress.
A LOCAL ENTREPRENEURIAL SUCCESS STORY.
Anna and Kyle have grown their business significantly since the Trusted Regina team first met them in 2012. They now own 5 WINMAR® locations across Saskatchewan, and recently, they moved into Manitoba!
WINMAR® Regina, SK, was opened by Anna in 2010 and she brought Kyle into the Regina location in 2013.
WINMAR® Moose Jaw, SK – Kyle opened in 2010 with Anna's parents. Kyle and Anna are the current owners.
WINMAR® Estevan, SK – Kyle and Anna opened in 2016
WINMAR® Yorkton, SK – Kyle and Anna opened in March 2019
WINMAR® Brandon, MB – Kyle and Anna opened in September 2022
WINMAR® Regina believes in having a positive and meaningful impact in the communities where they operate. They proudly support many local non-profits and organizations. Since their teen years, Anna and Kyle have spent their time restoring the lives of others. Even through their charitable work, they have been involved in helping children live better lives. They have made donations, including Ronald McDonald House and fundraising for autism. They have been involved with Santa's Anonymous and the Boys and Girls Club of Yorkton. They also sponsor the Regina PATS. Whatever they can get involved with, they will get involved with.
Anna launched Willy WINMAR®, everyone's favourite handy-bear, on July 1st, 2021. Willy has already attended Regina's "Food Truck Wars," "Summer Bash, and Summer Market" and has posed in countless selfies with his adoring fans.
This cuddly blue bear has only started working but has a vital role in the community. There could be times of trauma when Willy Winmar will be on-site handing out teddy bears to children who need a stuffed friend…a simple act of kindness showing this family-owned company's integrity.
WINMAR® Regina's most recent donation initiative was before Christmas 2022, and it was to the Inpatient Mental Health Adolescent Unit and Youth Detox at the Regina General Hospital.
They took "Willy WINMAR®," shopping at Walmart in the Eastend and bought several items from a list provided by the Units manager, Shalon Fleming BPAS; CSEP, CEP.
They got pretty much everything on the list and purchased an additional Ten $25 gift cards to top up anything else they may have needed that was not on the list. The total tally of the Donation was $2,600.
They then ventured to the Hospital, where the staff greeted the WINMAR® with lots of excitement and appreciation for the gesture. They also mentioned that they do not receive much attention regarding people or companies donating to their Unit. Willy finally arrived at the Adolescent Psychiatry Unit and wandered down the halls handing out some of the gifts purchased earlier that morning. They shared that the expressions on the kids' faces were priceless. They were hugging Willy, High pawing him and just super happy to see him and receive these items.
What WINMAR® Regina Clients Say…
“ WINMAR® did a total home renovation after a fire at my house. The service was excellent and they did an amazing job, especially during COVID. The whole WINMAR® team deserves recognition. Their sub-contractors were very good too with Velocity Plumbing and Heating doing the HVAC and Active Electric doing the electrical. All were professional and communicated with me as the homeowner. I would recommend them all.”- Don Hamilton
“We recently had water damage to our family room bar area. My insurance adjuster hooked me up with WINMAR®. Their reps called me immediately and came over to inspect the damages within the hour. The next day they had a team remove old rugs, tile-damaged walls, etc. I found their team to be very courteous, friendly and hard-working. Our Project Manager was amazing. He made sure the workers and job duties were coordinated in a timely manner and that everything was done to our satisfaction. I would recommend this company to anyone”- Patti Schlechter
A message from Anna & Kyle at WINMAR® Regina
“At WINMAR®, we are dedicated to making positive changes that affect not only how we operate but how we impact the community. For the people of Regina and surrounding communities, it is important to showcase that WINMAR® will come through for you and that no job is too small, and no job is too big for us. WINMAR® Regina supports its community and its people. Our mission is to not only help when disaster strikes but help unify our community” - Kyle Jacques & Anna Tzortzis
A word from Trusted Sara about her personal experience with WINMAR® Regina
“ I first met Anna in 2012 and was impressed by her drive and I enjoyed hearing her entrepreneurial story. I had been referred to her by Selena, her cousin, who, at the time, also co-owned a WINMAR® franchise in Saskatchewan. There's not many women owned disaster services and construction companies, so I was interested to hear how she ended up owning a WINMAR® franchise in Regina. Anna shared that she was a second generation WINMAR® franchise owner, and that she had literally grown up in the industry. It was clear that she was not afraid of getting her hands dirty, Anna is a shinning example of a woman in trades, and she really knows her stuff! Over the years it has been wonderful to see how Anna and Kyle have grown and expanded their business, they are a dynamic duo and 100% committed to doing the best job they can for their clients, partners and the growing team of employees across the Prairies. Community support is a big part of their brand, and the whole family get involved in giving back in so many ways. If you are looking for a Regina disaster services comany or a general contractor I guarantee that WINMAR® Regina is a local family owned company you can trust! " Sara Wheelwright
Thank you for TRUSTING us, Anna, Kyle, Pete, Maria and the WINMAR® Regina team! You have provided ten years of AMAZING service to the people of Regina & area as a Trusted Regina contractor specializing in abatement and disaster services. We are proud to support you and share that they have diligently upheld the 5 TRUSTED GUARANTEES of service and have never received a complaint about them!
CONGRATULATIONS ACTIVE ELECTRIC - CELEBRATING 10 YEARS OF TRUSTWORTHY BUSINESS PRACTICES IN REGINA
TRUSTED REGINA RECOGNIZES OUR PARTNERS WHO HAVE BEEN TRUSTED FOR OVER 10 YEARS!
In this series of recognition articles, we continue to spotlight the businesses that have been Trusted Regina Partners for over ten years. Currently, we are recognizing Partners that joined the Trusted Regina community in 2012. We want to thank them for TRUSTING our team, and we are identifying each of them individually for providing ten years of OUTSTANDING service to the citizens of Regina and the surrounding area! This latest article celebrates and recognizes Active Electric, your Trusted Regina Electricians!
'Getting it right the first time'
At Active Electric, they understand that finding the right Regina electrical professional is not always easy. The smallest of electrical problems can become a big inconvenience, but they are dedicated to solving these issues for you. As a licensed and insured Regina electrical company, you can trust and rely on them to do a great job the first time around and provide you with additional support if required.
HISTORY
Brad Ross, the owner of Active Electric in Regina, has established his company in 2011 by adhering to the principles in which he believes, and by committing to his employees and to every customer Active Electric serves. Brad is an active member and the current President of the Electrical Contractors Association of Regina (ECAR) as well as Vice President of the Electrical Contractors Association of Saskatchewan (ECAS). ECAS is a provincial association dedicated to representing the interests of electrical contractors across the province. The association is the provincial voice of the industry and advocates on behalf of its members. Brad is also a member of the Regina Construction Association (RCA), SaskPower Technical Committee and the BBB, where they are A+ rated.
The picture to the right was taken in 2014 in Brads garage at home. They were working there while they waiting for their current shop to be finished. You can see that Brad is pretty resourceful, just check out the makeshift plywood and wire box desk!!
ELECTRIFYING SERVICE!
Active Electric offer electrical services to residential, commercial AND Industrial clients in Regina and surrounding area. No job is to big or complicated for their talented team and they love a challenge!
Thinking of adding pot lights? Or already dreading rehanging Christmas lights next year? Take your seasonal and architectural lighting up a few notches with their smart Bluetooth LED lighting custom fit to match your soffit.
What Active Electric's Clients Say...
" Thank you Brad for the tremendous work you did at our house. Brad took his time to walk through our house and offer advice on lighting and plugs. He gave us a lot of great feedback and suggestions we hadn't even thought of! Then his crew came out two weeks later and were AWESOME!! We are over the top thrilled with the lighting in our home. Al made suggestions without any pressure and we are SO glad we went with his advice. GREAT customer service!!! Thank you so much GUYS!!" SO Minor - Facebook
" I deal with Active Electric quite a bit and get nothing but the best every time. In my opinion they are the best in Regina at what they do. Thanks for everything! "- Craig B - Google
A word from Trusted Sara about her personal experience with Active Electric
"Brad and the team at Active Electric are the best choice if you are looking for a Regina Electrician. His team are a joy to deal with, from Megan in the office to all the guys. They are trustworthy, honest and always deliver! The trades are littered with horror stories from customers who have been underserved and over charged, that is not something you have to worry about at Active Electric. Honesty is their only policy, and they also step up to support many community events and initiatives. Active care about the Regina community, and they are committed to always doing the right thing! " - Sara Wheelwright
Thank you for TRUSTING us Brad, Megan and the Active Electric team! You have provided 10 years of AMAZING service to the people of Regina & area as a Trusted Regina Electrician Partner. We are proud to support you and to share that they have diligently upheld the 5 TRUSTED GUARANTEES of service and we have never received a complaint about them!
